USD/CHF Price Analysis: Drops to fresh multi-month lows, around 0.9300 mark

USD/CHF was last hovering around a short-term descending channel support.
The set-up favours bearish traders and supports prospects for further weakness.

Haresh Menghani FXStreet

The USD/CHF pair dropped to over four-month lows during the early North American session, with bears now eyeing a sustained break below the 0.9300 mark.

The mentioned level coincides with the lower boundary of a three-month-old downward sloping channel. A convincing breakthrough will be seen as a fresh trigger for bearish traders and set the stage for an extension of the ongoing downward trajectory.

Meanwhile, technical indicators on hourly charts are already flashing oversold conditions. This coupled with the fact that RSI (14) on the daily chart has moved on the verge of breaking below 30 warrants some caution for bearish traders.

Hence, it will be prudent to wait for some near-term consolidation, or a modest rebound before positioning for any further decline. Nevertheless, the pair seems vulnerable to retest March swing lows, sub-0.9200 levels.

On the flip side, any meaningful recovery attempt is likely to confront a stiff resistance, rather fizzle out near the 0.9365 supply zone. That said, some follow-through short-covering move might lift the pair further towards the 0.9400 mark.

USD/CHF daily chart

Technical levels to watch

USD/CHF

Overview
Today last price	0.9311
Today Daily Change	-0.0020
Today Daily Change %	-0.21
Today daily open	0.9331

Trends
Daily SMA20	0.9433
Daily SMA50	0.9532
Daily SMA100	0.9593
Daily SMA200	0.9701

Levels
Previous Daily High	0.9398
Previous Daily Low	0.9321
Previous Weekly High	0.9468
Previous Weekly Low	0.937
Previous Monthly High	0.9651
Previous Monthly Low	0.9376
Daily Fibonacci 38.2%	0.9351
Daily Fibonacci 61.8%	0.9369
Daily Pivot Point S1	0.9302
Daily Pivot Point S2	0.9273
Daily Pivot Point S3	0.9225
Daily Pivot Point R1	0.9379
Daily Pivot Point R2	0.9427
Daily Pivot Point R3	0.9456

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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